A former director of a stock trading firm that collapsed owing about $630 million to creditors says he hopes to get his life back after being found not guilty of dishonesty using his position.
Julian Alexander Smith walked free from court on Friday, acquitted of accusations he duped a bank into lending him $95 million just days before Melbourne-based company Opes Prime collapsed.
Mr Smith, 51, was charged with two counts of using his position as director dishonestly to gain advantage.
After a five-week Victorian Supreme Court trial, jurors took one day to return with the not guilty verdict.
Mr Smith spoke briefly as he left court and said he wanted to "get my life back".
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"I'm just very grateful to the jury and thankful it's all over," he told reporters.
Two other former Opes Prime directors Laurie Emini and Anthony Blumberg pleaded guilty in 2011 to similar charges and have served jail sentences.
Emini was jailed for two years, with one year to be served immediately.
Blumberg was jailed for one year, six months of which were to be served behind bars.
Opes Prime, which had 650 clients, was declared insolvent in March 2008 owing $631 million.
Mr Smith, from Wentworth Falls in NSW, was alleged to have signed the $95 million loan despite knowing there was a $200 million shortfall in the company's accounts.
But his defence barrister Mark Regan told jurors in his opening address Mr Smith's intention was to rescue his company and he did not commit a crime.
He compared the case against Mr Smith to a ship that "leaked badly and suffers from design flaws".
Crown prosecutor Greg Lyon had argued Mr Smith knowingly misrepresented Opes Prime's financial position to the ANZ to obtain the loan.
He said Mr Smith was prepared to let Opes Prime take on this "crushing burden" despite it not being in the company's best interest.
In a statement Friday, the Australian Securities and Investments Commission (ASIC) acknowledged the not guilty verdict.
It said as well as the criminal action, ASIC had facilitated a compensation arrangement for Opes Prime clients that had paid $253 million.
